AU Morning Wrap: ASX Rises; IDP Plunges More Than 11%

The tech-heavy $Nasdaq Composite Index(.IXIC.US)$ rose almost 2% to 17187.90 while the $S&P 500 Index(.SPX.US)$ closed 1.2% higher at 5454.03. The $Dow Jones Industrial Average(.DJI.US)$ gained 0.3% to 38807.33.

The AI mania that has swept Wall Street spilled over to the ASX, as the local tech sector gained 1.7%, with $WiseTech Global Ltd(WTC.AU)$, $Xero Ltd(XRO.AU)$, and $Pro Medicus Ltd(PME.AU)$ all rising by more than 1.8%.

The $AUD/USD(AUDUSD.FX)$ is trading at US66.58¢, an increase of 0.16%.

As of latest data, $Bitcoin(BTC.CC)$ is priced at $71,170, up by 0.94% in the past 24 hours, while $Ethereum(ETH.CC)$ is priced at $3,863, up by 1.31% in the past 24 hours.

$IDP Education Ltd(IEL.AU)$'s shares fell by 10.6% to $14.02 on Wednesday, after the company warned of a significant reduction in business due to restrictive policies in Australia and other countries affecting international students.

Auckland casino operator $SkyCity Entertainment Group Ltd(SKC.AU)$ trimmed its profit guidance for financial year 2024, citing the weak economy in New Zealand and a delay in launching a new hotel project. The company now expects a net profit between NZ$120 million and NZ$125 million, compared to prior guidance of NZ$125 million to NZ$135 million. As a result, the company's stock plunged by 18.4% to $1.31.

Funds management group $Magellan Financial Group Ltd(MFG.AU)$ reported net fund outflows of $0.1 billion in April, driven by $0.2 billion in retail outflows. However, its institutional business recorded net inflows of $0.1 billion, reversing the trend of outflows. As of May 31, the company had total funds under management of $36.7 billion, compared to $36.3 billion at the end of April.